Tax Tips for New Business Owners

If you have a newly opened business or plan on opening one in the near future here are some taxes to save you big bucks.

1. Choosing the correct business entity will have a large impact on how you pay taxes. The four most common types of business’s are a sole proprietorship, corporation, partnership and S corporation.

2. The type of business you choose to run will determine the amount of taxes you pay and how you pay them. The four most common types of business tax are income tax, self employment tax, employment tax and excise tax. 3. You will most likely need an EIN number which stands for Employer Identification Number. An EIN number is used to by the IRS to identify your business.

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